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Business > Unit 2 - Marketing > Flashcards

Unit 2 - Marketing Flashcards

1
Q

What is a target customer?

A

Someone who is most likely to buy a particular product

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2
Q

What are types of market segments?

A

-Age
-Gender
-Jobs
-Income
-Location
-Lifestyle

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3
Q

What is market share?

A

The proportion/number of customers a business has in relation to the total number of customers

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4
Q

What is a market leader?

A

The business with the highest number of customers in a particular market

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5
Q

What is segmentation?

A

A market segment is a group of customers who have similar needs and wants

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6
Q

What are advantages of segmentation?

A

-Products are developed to suit customer needs
-Can target specific groups with products/promotions
-Helps set appropriate prices
-Helps deciding where to sell the product

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7
Q

What are the two types of market research?

A

Field research and desk research

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8
Q

What are advantages of field research?

A

Correct, up to date, gathered for a specific purpose, sources trusted.

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9
Q

What are disadvantages of field research?

A

Expensive, small samples may limit results, trained staff required

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10
Q

What are advantages of desk research?

A

More affordable as information has already been gathered, wide variety of sources, decisions made quickly due to accessible information

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11
Q

What are disadvantages of desk research?

A

Information may be out of date, may not be completely correct, info can be biased, competitors can access same info

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12
Q

Name field research methods

A

-Face to face interview
-Postal survey
-Focus group
-Telephone interview
-Online survey
-Observation

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13
Q

Advantages and disadvantages of face to face interview

A

Advantages - Two way communication, mistakes and misunderstandings can be cleared up straight away

Disadvantages - Can be expensive, researchers have to be selected and trained, unpopular with consumers

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14
Q

Advantages and disadvantages of postal survey

A

Advantages - Not expensive, no training needed

Disadvantages - Response rate is very low, questions must be very simple and easy to answer

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15
Q

Advantages and disadvantages of focus group

A

Advantage - Topics can be explored in depth

Disadvantages - Expensive, can be difficult to analyse information

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16
Q

Advantages and disadvantages of telephone interview

A

Advantages - Can phone anyone, not expensive

Disadvantage - Response rate is low

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17
Q

Advantages and disadvantages of online survey

A

Advantages - Large sample size, not expensive

Disadvantage - Need internet access

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18
Q

Advantages and disadvantages of hall test

A

Advantage - Real life and behaviours in action

Disadvantage - Samples are random

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19
Q

What is included in the marketing mix?

A

Product
Price
Place
Promotion

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20
Q

What does the product consist of?

A

-Actual item
-Packaging
-Image
-Guarantee
-After sales service

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21
Q

Why is packaging important?

A

-It can give added benefits to a product
-Make the product more appealing
-Protect the product during transport
-Legal information can be displayed

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22
Q

What are the stages of product development?

A

-Generate the idea
-Analyse the idea
-Prototype
-Test the product
-Alter the product
-Produce the final product for sale

23
Q

What is a prototype?

A

The first working model, to allow for improvement

24
Q

What are the four stages of the product lifestyle?

A

Introduction - low sales
Growth - Sales slowly rise
Maturity - Sales rise fastest
Decline - Sales fall

25
Q

What are types of extension strategies?

A

-Improve the product
-Change the packaging
-Change prices
-Change promotions
-Re brand the product
-Create line extension

26
Q

What are advantages of branding?

A

-Recognition
-Loyalty
-Perception of high quality
-World wide sales

27
Q

What are disadvantages of branding?

A

-Time
-Expensive
-Attacks/threats (fakes)

28
Q

What should a company think about before choosing the price for a product?

A

-Cost of production
-Quality
-How many they are hoping to sell
-How much the customer is willing to pay
-How much the competition is selling their product for
-The products stage in the product life cycle
-The products image
-Level of profit desired

29
Q

What are types of pricing strategies?

A

Low price - Charge less than competition
High price - Suggest better quality
Promotional pricing - Short term discount
Cost plus - Adding a percentage to the cost of materials
Psychological pricing - Use techniques to suggest the product is cheaper than competitors (99p)
Price skimming - High when product is first launched then the price is lowered
Penetration pricing - Low price to start then increases

30
Q

What is e-commerce?

A

Buying and selling products online (online shopping)

31
Q

Factors considered for business locations

A

-Where the customer is located
-Availability of suitable premises
-Parking facilities
-Suitable infrastructure
-Competition
-Availability of employees

32
Q

What are benefits of e-commerce?

A

-Don’t need to buy a shop meaning more profits
-Access to more customers
-Customers can shop 24/7

33
Q

What is the distribution method affected by?

A

-Type of product
-Cost of delivery
-Speed of delivery

34
Q

What are the 4 methods of distribution?

A

Road, rail, air and sea

35
Q

What are advantages and disadvantages of road?

A

Advantages - Direct to door, different lorries for different cargo

Disadvantages - Fuel costs, road delays, emissions

36
Q

What are advantages and disadvantages of rail?

A

Advantages - Heavy loads, large quantities

Disadvantages - Still need to use lorries, some areas lack railways

37
Q

What are advantages and disadvantages of air?

A

Advantages - Fast, airport locations in key cities

Disadvantages - Expensive, airports not in all cities

38
Q

What are advantages and disadvantages of sea?

A

Advantages - Bulky loads, standardised containers

Disadvantages - Slow, location access

39
Q

Name methods of advertising

A

-Email
-Television
-Billboards
-Celebrity/influencer endorsement
-Newspapers

40
Q

What are advantages and disadvantages of television advertising?

A

Advantages - Can reach a large geographical audience, demonstrations can be shown

Disadvantages - Very expensive, viewers may not watch when adverts come on

41
Q

What are advantages and disadvantages of radio advertising?

A

Advantages - Can reach a large audience, cheaper than tv

Disadvantages - Only sound(no demos), Listeners can tune out during adverts

42
Q

What are advantages and disadvantages of cinema advertising?

A

Advantages - A captive audience, adverts can be matched to audiences that represent market segments

Disadvantage - Limited audience

43
Q

What are advantages and disadvantages of newspaper advertising?

A

Advantages - Can keep advert, target market segments through choice of newspaper

Disadvantages - Can be expensive, easy to ignore

44
Q

What are advantages and disadvantages of billboards?

A

Advantages - Usually in busy locations, can be cheaper than other forms of advertising

Disadvantages - May be ignored, limited info

45
Q

What are advantages and disadvantages of app advertising?

A

Advantages - Can target different groups, don’t have to be online to view

Disadvantages - Limited to phone/tablet users, customers can get annoyed by ads

46
Q

What are advantages and disadvantages of email advertising?

A

Advantages - Reach a wide audience, relatively cheap

Disadvantages - Can be annoying, easily deleted

47
Q

What are different types of sales promotion?

A

-Discounts
-Coupons
-Free samples/gifts
-Loyalty cards
-Celebrity endorsement
-Product placement

48
Q

What is celebrity endorsement?

A

When a business approaches celebrities to appear in adverts or to be seen using their product

49
Q

What is product placement?

A

When a firm pays for its product to be used in a film or tv series

50
Q

What does ethical marketing include?

A

-Must not mislead the consumer
-Should not offend the customers beliefs or moral senses
-Promises must be kept in the product - it must do what it says it does
-Adverts must not be obscene or indecent

51
Q

How can email be used in marketing (Technology)

A

Used to communicate a sales promotion to an existing customer

52
Q

How can desk top publisher be used in marketing (Technology)

A

Used to produce newspaper adverts

53
Q

How can social media be used in marketing (Technology)

A

Promote a brand to followers

Business (4 decks)

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